Replace multiple words in one line from a .txt file

I am trying to replace multiple words in a txt file.

An example with two lines would be

phone number: 123 addr: xyz
phone no: 456 home address: abc 

Lets say that I’d like to replace "phone number" and "phone no" with phonenum and "addr" & "address" with address1.

Currently I only know how to do it with running multiple sed commands and I’m looking for some guidance to find a more efficient way.

Thank you!

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